Dear CD's,
I got my OCI 2 days back and this got me thinking as to how best I can save money with my new found status. I also belive that the information shared will help numerous OCI's better do their financial planning.
ING Canada offers 3% on savings accounts.
I was looking to see if any other Indian based banks will offer better interest rates on FCNR accounts (Money is in foreign currency and is fully repartriable). ICICI looks the best but the interest rates for CDN $ is less than what they offer by ING. ICICI offers like 2.8% or so. But for GBP it offers more than 4 % and for Australian dollars it offers 6.5% to 7.0 %.
ICICI offers 8.5% for a FD of 530 days (for Indian rupee account). My father from India told me that as a senior citizen he is getting 10.5 % interest from a local nationalised bank/ cooperative bank.
I would request CD members to share with me as to what options that I have for getting the best possible rates.

Thanks in advance for all answers.

Peace

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I am a Gents and not a Ladies.

(ICICI offers 8.5% for a FD of 530 days (for Indian rupee account). My father from India told me that as a senior citizen he is getting 10.5 % interest from a local nationalised bank/ cooperative bank.)


Hello Tamilkumaram, 8.5% on INR will be under NRO FD account wherin only the Interest is fully repatriable and also the interest earned will be taxed at around 30%. NRE account where the Principal and Interest both are fully repatriable and no tax will earn maximum interest of 3.5%. Hope this helps.